Manchester United adds Morgan Stanley, JPMorgan for IPO

Manchester United adds Morgan Stanley, JPMorgan for IPO

Hong Kong: English Premier League football champions Manchester United Ltd added Morgan Stanley and JPMorgan Chase & Co to help manage its planned $1 billion initial public offering (IPO) in Singapore, sources with direct knowledge of the plans told Reuters on Friday.

The club had already appointed Credit Suisse Group AG as a global coordinator for the offering, a source told Reuters on Thursday.

A second source added that United’s owning Glazer family planned to use some of the funds raised from the offering to reduce the club’s huge debt pile, a burden that has made the Americans deeply unpopular with many fans.

Spokespeople for JPMorgan and Morgan Stanley in Hong Kong declined to comment on the IPO mandates.

A Singapore listing will mark a second stock market incarnation for the club, which was listed in London before being taken over by the Glazers in 2005.

Asia, a key region for many English football teams, has become an important growth area for United and is home to more than 190 million of its estimated 333 million fans.